This present invention relates to transaction methods and more specifically to a system and method of using Electronic Funds Transfer (EFT) processes to complete payment for goods and services.
Credit cards are easily stolen and used fraudulently to buy goods or services. Credit card services are also expensive.
An alternative to credit cards is EFT. The Automated Clearing House (ACH) system processes credit and debit transactions through EFT. An example credit transaction is payments to businesses from customers. EFT is relatively less expensive and payments can be run in batch mode during off-peak hours.
It would be desirable to provide a system and method of completing payment at a lower cost and with a higher level of security than credit cards.